Podcast appearances and mentions of Lawrence H Summers

Yascha Mounk and Larry Summers also discuss the administration's tariffs. Lawrence H. Summers is the Charles W. Eliot University Professor and President Emeritus at Harvard University. He served as the 71st Secretary of the Treasury for President Clinton and the Director of the National Economic Council for President Obama. In this week's conversation, Yascha Mounk and Larry Summers discuss why tariffs are so concerning, how Harvard should react to the Trump administration cutting its funding, and whether the Democratic Party can become a credible opposition. Podcast production by Jack Shields and Leonora Barclay. Connect with us! Spotify | Apple | Google X: @Yascha_Mounk & @JoinPersuasion YouTube: Yascha Mounk, Persuasion LinkedIn: Persuasion Community Learn more about your ad choices. Visit megaphone.fm/adchoices

Former Treasury Secretary Lawrence Summers warned that the US is now likely headed toward a recession, and two million jobs could be lost due to President Donald Trump's tariffs. He is joined by Bloomberg's David Westin.See omnystudio.com/listener for privacy information.

Former US Treasury Secretary Lawrence H. Summers sits down with Bloomberg's David Westin to discuss the impending tariffs, what's at stake and what to expect. They also cover the actions taken against certain universities.See omnystudio.com/listener for privacy information.

Kishore Mahbubani is widely regarded as one of Asia's most well-known diplomats, commentators, and strategic analysts. Having grown up in poverty in Singapore in the 1950s, however, there was nothing preordained about Mahbubani's success.But over the course of the second half of the twentieth century, he would go on to become one of the most recognizable and revered diplomats of his generation.Mahbubani served in Cambodia, Malaysia, and the United States. He was Permanent Secretary at the Singapore Ministry of Foreign Affairs and twice served as the country's Permanent Representative to the United Nations. He later served as founding dean of the Lee Kuan Yew School of Public Policy.Mahbubani chronicles his life journey in a new memoir titled, Living the Asian Century: An Undiplomatic Memoir.Mahbubani's journey mirrors Singapore's own metamorphosis and the book sheds equal light on Mahbubani's life as it does the Asian country's own improbable evolution.To talk more about the book, Kishore Mahbubani joins Milan on the podcast this week. They discuss Kishore's childhood poverty, his “Indian soul,” and his lifelong interactions with former Singaporean Prime Minister Lee Kuan Yew. Plus, Milan and Kishore discuss the explosion of cultural self-confidence in Asia and what this means for the emerging world order.Episode notes:1. [open access] Kishore Mahbubani, The Asian 21st Century (Springer, 2022).2. Kishore Mahbubani, “It's Time for Europe to Do the Unthinkable,” Foreign Policy, February 18, 2025.3. Tony Chan et al., “America Can't Stop China's Rise,” Foreign Policy, September 19, 2023.4. Kishore Mahbubani and Lawrence H. Summers, “The Fusion of Civilizations: The Case for Global Optimism,” Foreign Affairs (May/June 2016).

Former US Treasury Secretary Lawrence H. Summers says there is about a 50% chance of a recession this year. He discussed this and more with Bloomberg's David Westin on Bloomberg Television.See omnystudio.com/listener for privacy information.

Former US Treasury Secretary Lawrence H. Summers joined Bloomberg's Joe Mathieu and Kailey Leinz on "Balance of Power" to discuss President Donald Trump's address to Congress, the impact of tariffs on the economy, the Department of Government Efficiency and threats to the US dollar.See omnystudio.com/listener for privacy information.

What's the return on government funding for research?There are a few places in the academic literature you can look to for insight. Jones and Summers (2021) uses a hypothetical thought experiment to make the case that, on average, every dollar of R&D spent probably generates several dollars in benefits via its long-run impact on economic growth (see What are the returns to R&D? for more discussion). But that result applies only to R&D in general, government and non-government, bundled together. Is government funding above or below this average? This approach can't say. Moreover, while I find it a compelling thought experiment, at some point we probably want to check the results against data. Fortunately, a set of recent papers help us do that.This podcast is an audio read through of the (initial version of the) article Government funding for R&D and productivity growth, originally published on New Things Under the Sun.Articles mentionedJones, Benjamin F., and Lawrence H. Summers. 2020. A calculation of the social returns to innovation. NBER Working Paper 27863. https://doi.org/10.3386/w27863Fieldhouse, Andrew, and Karel Mertens. 2023. The Returns to Government R&D: Evidence from U.S. Appropriations Shocks. Federal Reserve Bank of Dallas Working Paper 2305. https://doi.org/10.24149/wp2305r2Dyevre, Arnaud. 2024. Public R&D Spillovers and Productivity Growth. Working paper.Moretti, Enrico, Claudia Steinwender, and John Van Reenen. 2025. The Intellectual Spoils of War? Defense R&D, Productivity, and International Spillovers. The Review of Economics and Statistics 107(1): 14-27. https://doi.org/10.1162/rest_a_01293

Lawrence H. Summers, former US Treasury Secretary and Bloomberg Television contributor, says that college protests happening throughout the country are 'very depressing and worrying for me'. Summers also spoke about the restrictiveness of Fed policy and the state of yen intervention. He speaks with host David Westin on the latest edition of "Bloomberg Wall Street Week".See omnystudio.com/listener for privacy information.

Former treasury secretary Lawrence H. Summers and Yale Law School professor Natasha Sarin discuss their insights on the current state of the U.S. economy, America's tax policies and the future of the national debt. Conversation recorded on Tuesday, April 16, 2024.

 On this edition of Wall Street Week, Ray Dalio, Bridgewater Associates Founder & CIO Mentor revisits lessons he's learned from taking a strong and incorrect stance on a debt default cycle in 1982. Lawrence H. Summers, Former US Treasury Secretary & Wall Street Week contributor thinks that the latest jobs data suggest a reacceleration in the US economy and Sonal Desai, Franklin Templeton Fixed Income CIO tells us that markets are going to remain volatile.  See omnystudio.com/listener for privacy information.

On this edition of Wall Street Week, Lawrence H. Summers, Former US Treasury Secretary & Wall Street Week contributor criticizes the Fed's "itchy fingers" on cutting rates. Kristin Roth DeClark, Barclays Global Head of Technology Investment Banking tells us why she is seeing a comeback in technology IPOs. Christopher Harvey, Wells Fargo Head of Equity Strategy tells us how the markets interpreted what came out of the Fed earlier this week, Brian Deese, MIT Innovation Fellow and Former National Economic Council Director tells us why US automakers are at risk of falling behind in the global EV race. Deese also tells us that the upcoming presidential election should be decided on the candidates' policy views. See omnystudio.com/listener for privacy information.

Following the terrorist attacks of October 7th, Harvard University was among several elite bastions of higher education to show its true colors – moral relativism, raw antisemitism on campus, and poor leadership. Harvard, like other elite institutions, has and will continue to suffer reputational damage for its response. And indeed, the rot of higher ed is deep. It is not that a liberal bias has metastasized into illiberalism, but rather that illiberalism has been layered on top of a creeping and extreme form of leftism. What is going on in our country's top universities? Who is to blame? How do we solve it?Lawrence H. Summers was Chief Economist of the World Bank (1991-93), US Secretary of the Treasury (1999-2001), Director of the US National Economic Council (2009-10), and President of Harvard University (2001-06).Download the transcript here.Read the WTH Substack here.

On this edition of Wall Street Week, Lawrence H. Summers, Former US Treasury Secretary and Wall Street Week contributor tells us why he thinks monetary policy is not substantially restrictive. Zanny Minton Beddoes, The Economist Editor-in-Chief thinks China is uninvestable for outsiders. Sallie Krawcheck, Ellevest CEO explains why there hasn't been much growth when it comes to women holding leadership positions and Larry Culp, GE CEO and Scott Strazik, GE Vernova CEO tells us what is next for the spun off companies. See omnystudio.com/listener for privacy information.

On this edition of Wall Street Week, Lawrence H. Summers, Former Treasury Secretary & Wall Street Week contributor tells us why he thinks there is a meaningful chance that the Fed's next move could be upwards. Lisa Erickson, US Bank Wealth Management Head of Public Markets Group dives into how the market is pricing in the Fed's next move. Robert Steel, Perella Weinberg Vice Chairman tells us about budget challenges facing New York and other cities around the country and Richard Haass, Centerview Partners Senior Counselor & Council on Foreign Relations President Emeritus tell us how foreign policy could affect the elections this year. See omnystudio.com/listener for privacy information.

On this edition of Wall Street Week, Peter Kraus, Aperture Investors Founder and CEO and Sonal Desai, Franklin Templeton Fixed Income CIO weigh the Fed's plans to cur rates following a blowout January jobs report. Chris Miller, Chip War author describes the global push by governments to invest in advanced chips. Paul Krugman, Nobel Laureate in Economics and Distinguished Professor at City University of NY Graduate Center tells us what kind of president the economy needs  over the next four years and Lawrence H. Summers, Former US Treasury Secretary tells us why a March rate cut is off the table. See omnystudio.com/listener for privacy information.

On this edition of Wall Street Week, Peter Borish Computer Trading Chairman & CEO looks ahead to the timing of more Fed cuts. Lawrence H. Summers, Former US Treasury Secretary tells us where he sees US fiscal policy going over the long-term. Blair Effron, Centerview Partners Co-Founder & Partner tells us when he expects mergers and acquisitions to rebound. Afsaneh Beschloss RockCreek CEO gives us a sense of about China's economic path forward and Stephanie Flanders, Bloomberg Senior Executive Editor for Economics tells us what was in focus at Davos.See omnystudio.com/listener for privacy information.

On this edition of Wall Street  Week, David Bianco, DWS CIO addresses some of the economic concerns he sees in 2024. Lawrence H. Summers, Former US Treasury Secretary gives us his reaction to the most recent US jobs numbers. Bloomberg International Economics and Policy Correspondent Michael McKee dives into the upcoming election and how it might impact the US economy, and David Autor, MIT Professor of Economics discusses what to expect from generative AI in 2024 and beyond.See omnystudio.com/listener for privacy information.

On this edition of Wall Street Week, Chris Ailman, CalSTRS CIO recaps the "incredible year" for US equities. Lawrence H. Summers, Former US Treasury Secretary tells us why he believes the chances of a soft landing have improved. Mary Lovely, Peterson Institute Senior Fellow explains the difficulty China has faced in its post-Covid recovery. Scott Bok, Greenhill & Co. Chairman and Former University of Pennsylvania Board of Trustees Chairman explains why he thinks university donors shouldn't have a   big say in policies, and Janice Eberly, Kellogg School of Management Professor of Finance looks at what the missed recession of 2023 might mean for the global economy in 2024.See omnystudio.com/listener for privacy information.

On this edition of Wall Street Week, Lawrence H. Summers, Former US Treasury Secretary tells us why we shouldn't read too much into the strong jobs data. Erin Browne, PIMCO Multi-Asset Strategies Portfolio Manager tells us why jobs data is quelling recessionary fears. Vimal Kapur, Honeywell CEO, outlines his plans to grow the company with his first big acquisition, and Bob Diamond, Atlas Merchant CEO explains why bank CEOs expressed concern over Basel III rules at the Senate Banking Committee's Wall Street oversight hearing. See omnystudio.com/listener for privacy information.

On this edition of Wall Street Week, Catherine Keating, BNY Wealth Management CEO explains what the markets got wrong about November.  Lawrence H. Summers, Former US Treasury Secretary, discusses his opportunity to help oversee OpenAI, and the legacies of Henry Kissinger & Charlie Munger. Joseph Sitt, Thor Equities Founder & Chairman, takes us through the investors' perspective on Mexico. See omnystudio.com/listener for privacy information.

On this edition of Wall Street Week, Peter Borish, Computer Trading CEO and Saira Malik, Nuveen CIO break down the better-than-expected inflation numbers this week. Daniel Senor, Author of "The Genius of Israel" dissects into the economic effects of the Israel-Hamas war. Tony James, Jefferson River Capital Chairman walks through the evolution of private market investing over the past 40 years,  and Lawrence H. Summers, Former Treasury Secretary lowers his expectations of a forthcoming recession.See omnystudio.com/listener for privacy information.

While the world is distracted, members of Congress are writing bills designed to steal Russia's money and give it to Ukraine. In this episode, listen to the pitch being made to Congress as we examine if this is a good idea. Please Support Congressional Dish – Quick Links Contribute monthly or a lump sum via Support Congressional Dish via (donations per episode) Send Zelle payments to: Donation@congressionaldish.com Send Venmo payments to: @Jennifer-Briney Send Cash App payments to: $CongressionalDish or Donation@congressionaldish.com Use your bank's online bill pay function to mail contributions to: Please make checks payable to Congressional Dish Thank you for supporting truly independent media! Background Sources Recommended Congressional Dish Episodes Taking the Russian money: is it legal? Lee C. Buchheit and Paul Stephan. October 20, 2023. Lawfare. Chelsey Dulaney and Andrew Duehren. October 11, 2023. The Wall Street Journal. Lawrence H. Summers, Philip Zelikow, and Robert B. Zoellick. June 15, 2023. Foreign Affairs. Paul Stephan. April 26, 2022. Lawfare. Laurence H. Tribe and Jeremy Lewin. April 15, 2022. The New York Times. April 15, 2021. President Joe Biden. White House Briefing Room. What we're being told about Ukraine Secretary of State Anthony Blinken [@SecBlinken]. November 3, 2023. Twitter. Visual Journalism Team. September 29, 2023. BBC News. June 2023. Reuters. Biden wants to hide weapons deals with Israel Sharon Zhang. November 2, 2023. Bills Audio Sources October 31, 2023 Senate Appropriations Committee Witnesses: Antony Blinken, Secretary, U.S. Department of State Lloyd Austin, Secretary, U.S. Department of Defense Clips 1:05:05 Secretary of State Antony Blinken: If you look at total assistance to Ukraine going back to February of 2022, the United States has provided about $75 billion our allies and partners $90 billion. If you look at budget support, the United States has provided about $22 billion during that period, allies and partners $49 billion during that period; military support, we provided about $43 billion allies and partners $33 billion; humanitarian assistance, the United States $2.3 billion allies and partners 4.5 billion, plus another $18 to $20 billion in caring for the many refugees who went to Europe and outside of Ukraine. October 19, 2023 Commission on Security and Cooperation in Europe (The Helsinki Commission) Witnesses: Eliav Benjamin, Deputy Head of Mission, The Embassy of Israel to the United States Jamil N. Jaffer, Founder and Executive Director, National Security Institute at George Mason University Dr. Jonathan Schanzer, Senior Vice President, Foundation for the Defense of Democracies Dr. Dan Twining, President, International Republican Institute Oksana Markarova, Ukrainian Ambassador to the United States of America Clips 19:25 Eliav Benjamin: Understanding in the most unequivocal manner and in the clearest way that these are evil people. If we can even call them people. This is Israel's 9/11, only if you take the proportion of the size of Israel, this is 9/11 times 10, at least. 20:45 Eliav Benjamin: Because these terrorist organizations are not only against Israelis or against Jews, and not only in Israel, they are against mankind and anything which calls for decency, any entity and anybody who calls for protecting human rights and protecting individuals and protecting civilians. 21:25 Eliav Benjamin: Hamas have no value for human life, while Israel is doing its utmost to protect human life, including Palestinians in Gaza by even calling for them to go down south so that they won't be affected by the war. Hamas is doing everything in its power to harm civilians, to harm its own civilians. And everything that Hamas is committing -- and committed -- is no less than war crimes. And if you want crimes against humanity, and this is while Israel is working within the international human rights law, and within the military law. 28:15 Rep. Steve Cohen (D-TN): Ambassador we have attempted to get some monies to from Putin and from the Soviet Un -- the oligarchs, to help rebuild Ukraine. Do you have any new information about that, or concerns? Oksana Markarova: Thank you for this question. First of all, I think it's very just that all this horrible destruction, which only for the first year of the war the World Bank estimated at $411 billion -- just the physical destruction -- has to be compensated and paid for by the Russians. So with regard to the Russian oligarchs and everyone who finances this war, supports this war, thanks to Congress we already have the possibility to confiscate it through the courts and DOJ has already moved forward with one confiscation of malfeasance money -- $5.4 million, and others. It is going to take time. But I think the major question right now to discuss with all the G7 is the Russian sovereign assets. We know that there are at least in the vicinity of 300-400 billion, or maybe even more, frozen by G7 countries. Not only that, but we recently discovered there are about $200 billion that are frozen in the Euroclear system in Belgium. So I'm very glad that there are more renewed talks right now between the G7 Ministers of Finance on how to confiscate and how to better use this money even now. I think we have to join forces there because again, we're very grateful for the American support, we are very much counting on this additional supplementary budget, but at the end of the day, it's not the American, or Ukrainian, or European taxpayers who have to pay for this, it is the Russians who have to pay for their damages. We look forward to working with Congress and we're working very actively with the administration, the State Department and Treasury, on how to better do it. As the former Minister of Finance, I not only believe -- I know -- that it can be done and I know this is a very specific case, that will not jeopardize the untouchability of the Sovereign Money, which is normal in the normal circumstances. This is a very specific case of a country that has been condemned by 154 countries in the UN for the illegal aggression. We have in all three major cases, the cases against Russia on both aggression and genocide and everything else. And it's only natural and just to use the sovereign assets as well as the private assets of Putin's oligarchs to compensate and to pay this. 32:50 Eliav Benjamin: Look at the charter of Hamas, which calls for destruction, annihilation of Jews, of Israel and yes, wants to control everything from the Mediterranean Sea until the Jordan River. 33:00 Eliav Benjamin: That is their aspiration, that is what they want to do, with zero care about civilians, including their own whom they take us human shields. As we're speak now, they're firing rockets from underneath hospitals, from underneath schools, from underneath mosques, from within residential areas, putting their own people at risk and sending them to die as well. This is not what Israel is about, but this is what Hamas is about and has been about. And now once and for all, unfortunately, really unfortunately, it took such a horrific war that they launched on Israel for the whole world to realize what Hamas is really about and what we've been saying for so many years that Hamas stands for. But it's not only Hamas: it's Hamas, it's the Palestinian Islamic Jihad, it's Hezbollah, it's all of these terrorist organizations who have zero care about human beings. This is who we should go after, and make sure they don't do any more harm. 39:10 Jamil Jaffer: It was the single deadliest day in Israel's history, single deadliest day for the worldwide Jewish community since the Holocaust. The equivalent of over a dozen 9/11 attacks on a population adjusted basis. Let me say it again. On the day of the 9/11 attacks, we had about 280 million Americans and we lost approximately 3000 Americans that day. Israel has lost 1400 have their own in a population of approximately 9 million -- over a dozen 9/11 attacks. 41:15 Jamil Jaffer: There's a key connection between these two fights. We know that Iran today supplies all manner of drones to Russia in its fight in Ukraine. We know that Iran has troops on the ground in Ukraine, training Russians on the use of those drones. We know that Iran is considering providing short range ballistic missiles to Russia, in that conflict. Russia, for its part, has provided Iran with its primary source of Conventional Munitions and nuclear technology for the vast majority of the time. Now, the key connection between these organizations is important to note. It's not just Russia and Iran; it's China and North Korea as well. These are all globally repressive nation states. They repress their own people, they hold them back, they give them no opportunity, and then they seek to export that repression to other parts of the globe, first in their immediate neighborhood, and then more broadly across the world. These nations are increasingly working together. We see China and Russia's no-limits partnership. We see President Xi saying to President Putin, in an off hand conversation that the world heard, that there are changes that haven't been seen in 100 years, and Russia and China are leading those changes. We know that for decades, Iran and North Korea have cooperated on ballistic missile and nuclear technology. We know that today in the fight in Gaza, Hamas is using North Korean rocket propelled grenades. So the reality is these globally repressive nation states have long been working together. And it is incumbent upon the United States to stand with our friends in Ukraine and our allies in Israel in this fight against global repression. 41:35 Dr. Dan Twining: It's vital not to mistake Hamas's control of Gaza with legitimacy. There have been no elections in Gaza since 2006. Hamas will not hold them because it thinks it will lose. Polling from September, a month ago, shows that only a quarter of Palestinians support Hamas leading the Palestinian people. Before the conflict, 77% of Palestinians told pollsters they wanted elections as soon as possible. A super majority tells pollsters that Hamas is corrupt. It is a terrorist organization, not a governing authority that seeks better lives for Palestinians. Residents of Gaza suffer poverty, isolation, and violence at its hands. 43:25 Dr. Jonathan Schanzer: Israel has just suffered in Iran-sponsored massacre, Ukraine is struggling to repel Russian forces, and Taiwan watches with grave concern as China threatens to invade. America must view these three embattled democracies as important assets. And it must view these three adversaries as a threat to the US-led world order. As we speak, there is a very real possibility of a regional war erupting in the Middle East. The Islamic Republic of Iran has armed and funded Hamas and Hezbollah along with other factions in the region. Recent reports point to the existence of an Iranian-led nerve center in Beirut that is designed to help these terrorist groups target Israel more efficiently. Fortunately, the IDF has thwarted Iranian efforts to create a new terror proxy in the Golan Heights. Israel has repeatedly destroyed most, if not all, of what Iran is trying to stand up there. However, Iran-backed militias do remain in Syria, and Russia's presence in Syria is complicated all of this. Moscow's missile defense systems have forced Israel to take significant precautions in the ongoing effort to prevent the smuggling of advanced Iranian weapons from Syria to Lebanon. These are precision guided munitions. We've never seen a non-state actor or a terrorist group acquire these before and Russia is making this more difficult. The operations to destroy these weapons in Syria are ongoing. They often take place with Russian knowledge. It's an uneasy arrangement and because of that, the Syrian front is still manageable, but Russia's role in the region is far from positive. Moscow continues to work closely with both Iran and Hezbollah. In fact, Russian-Iranian relations have deepened considerably since Russia's invasion of Ukraine in 2022. This goes beyond the sanctions busting that was the basis of their relationship before all this started. Russia has received UAVs from Iran, which we've heard today, Tehran has sent advisors to train Russian personnel, and since last summer, Russia has launched over 2000 Iranian UAVs into Ukraine. Moscow now wants to produce some of these UAVs domestically and so Russia and Iran are currently working together to increase the drones' range and speed. Iran has supplied other material to Russia like artillery shells and rockets. In return, Tehran wants Russia to provide fighter jets, attack helicopters, radar and combat trainer aircraft, and more. Moscow has sent to Tehran some captured Western weapons from Ukraine. These include javelin, NLAW anti-tank guided missiles, and Stinger MANPADS. Amidst all of this, on top of it all, concerns are mounting about a Chinese invasion of Taiwan. Beijing has openly intimidated the island nation. Within a 24 hour time span in July, 16 PLA warships approached Taiwan, accompanied with over 100 different aircraft sorties. China's calculus about an invasion of Taiwan could be influenced heavily right now by what the United States does in Ukraine and in Israel. Ihe landscape is clear: China, Iran and Russia are working together. Our policy must be to deny them the ability to threaten our friends and our interests. 47:45 Dr. Jonathan Schanzer: It's great news. I was gonna recommend it, but it's already happened: the United States has sent two of its Iron Dome batteries based in Guam to Israel, en route already. 52:15 Dr. Dan Twining: If America's three greatest adversaries are going to actively collaborate in armed attacks on our allies, that's all the more reason for us to ensure that friendly democracies prevail in the fight. Giving Ukraine and Israel what they need to restore their sovereignty and security is essential. Appeasing aggression in one theater only invites belligerence in another. Make no mistake, China is watching our reaction to the wars on Ukraine and Israel with great interest. If we don't show the will and staying power to help our friends win, we only embolden Chinese designs in Asia. Defeating aggression in Europe and the Middle East is central to deterring aggression in Asia. 1:09:55 Dr. Jonathan Schanzer: I am going to use the current crisis right now to sort of explain how America can get a win. That attack by Hamas was sponsored by Iran. Hamas is an Iran-back terrorist organization that also enjoys the support of China and Russia. As Israel has now readied to go into the Gaza Strip and to destroy this terrorist organization with the support of the United States, we're now seeing Iran-backed proxies threaten a much wider war. We're watching Hezbollah and Lebanon, Shiite militias in Syria, potentially other groups in other parts of the region. What needs to happen here right now is America needs to determine the outcome of this conflict. And by that, I mean it needs to deter Iran, it needs to deter Hezbollah and any other actor that might intervene, and force them to watch helplessly as our ally destroys Hamas. Watch them look on helplessly as one of their important pieces is removed from the chessboard. If we can do that, then I think we're now in the process of reestablishing deterrence after having lost it for many years. 1:14:15 Sen. Sheldon Whitehouse (D-RI): Along with Ranking Member [Jim] Risch, I'm the lead on the what we call the REPO Act, which would authorize the President to work with other countries in Europe that are also home to frozen Russian sovereign assets, and create a procedure for seizing those assets and directing them to Ukraine to be used for rebuilding and other purposes. I think there are mixed feelings in the administration about this, but they seem to be moving our way. I'd love to have your thoughts on the value of grabbing those sovereign assets, not just as additional resources for Ukraine, but also as a powerful signal to Putin that his behavior is going to have real punishment and hitting him good and hard right in the wallet, I think, would be a good added signal. 1:15:20 Sen. Sheldon Whitehouse (D-RI): The second is simply to make sure that we do a better job of grabbing Russian oligarch assets. We have a predicament right now, which is that if you're a US citizen, and you're driving down the highway and you've got $400,000 in unexplained cash in your car, the police can pull you over and they can seize that. If you are a foreign, Russian, crooked oligarch, and you have a $400 million yacht someplace, you have more rights than that American citizen, in terms of defending your yacht. It's a very simple procedure, it's called "in rem." You move on the yacht rather than having to chase through all the ownership structures. And I would very much like to see us pass a bill that allows us to proceed against foreign oligarchs', criminals', and kleptocrats' assets in rem. 1:16:50 Dr. Jonathan Schanzer: The seizing of assets and redirecting them to Ukraine, I think, sounds like a solid thing for the United States to do. I think, though, it would make sense to do this with a coalition of countries. So that the US is not singled out -- Sen. Sheldon Whitehouse (D-RI): That's what the legislation requires. In fact, the bulk of the funds are actually held in European countries, so acting on our own would not be sensible. Dr. Jonathan Schanzer: It wouldn't be effective, correct. So getting the Europeans on board, and by the way, getting the Europeans to chip in a bit more, just as we are, I think is also a very sound policy. As far as targeting the oligarch assets, I fully understand your frustration. When I worked at the Treasury Department trying to track those kinds of assets was never easy. We did work with a sort of shorthand version of, if we're 80% sure that we know what we're dealing with we're going to move first and then adjudicate after it's been done. And by and large, that worked out very well during the height of the war on terror. And there was an urgency that I think needs to be felt now, as we think about targeting Russian assets too. 1:18:00 Sen. Sheldon Whitehouse (D-RI): To follow me on my path of in rem Latinate legal terms. There's also qui tam out there, which allows individuals to bring fraud actions in the name of the United States, and if it turns out there really is fraud, they get a share of it. It would be nice to have people who work for, let's say, a Russian oligarch to be able to be paid a bit of a bounty if they come in and testify and say, "Yep, definitely his boat every time we go out, he's on it. Every time the guests come they're his guests and we call him boss." Things like that can make a big difference, so we're trying to push that as well. Dr. Jonathan Schanzer: That sounds like something for the Rewards for Justice program at the State Department. They might be able to expand it. We already have bounties for those that provide evidence leading to arrests of terrorists, why not oligarchs? Sen. Sheldon Whitehouse (D-RI): Correct. 1:24:40 Dr. Jonathan Schanzer: Qatar has, for the last 10 or 12 years, had a an external headquarters. Some of [Hamas's] political leadership has been based there: Ismail Haniyeh and Khaled Meshaal both call Qatar home. Of course, this is not new for the Qataris. They've also hosted all manner of other terrorist organizations in that country. It's the Taliban, al Qaeda, ISIS. It's well known at this point that Qatar is a hospitable place. They just don't agree with our definition of terrorism. Fundraising takes place there, all sorts of organizational activities take place there, and people are free to come and go. It is a safe haven for them. It is extremely dangerous that we have bestowed upon that country the label of major non-NATO ally, and that this is allowed to continue. They're offering right now their "good offices" -- I'll put those in air quotes -- to try to negotiate the release of the 302 hostages. This is not in Qatar's is interest. They are advocating on behalf of Hamas, as they have been for a long time. This should not be allowed to stand. 1:28:10 Dr. Jonathan Schanzer: Hezbollah is based in Lebanon primarily, although they've got a significant base of operations in Latin America right now, and of course they've got a lot of operatives running around in Tehran. They are a wholly-owned subsidiary of the regime in Iran. Just to give you a sense of the threat, right now Hezbollah is threatening to open up a second front with Israel. While the fighting rages in Gaza, in the north of Israel there is a second front that could very well be open. There have been dozens of rockets that have been fired, dozens of anti-tank missiles infiltrations into northern Israel. This is very disconcerting. This is one of the things that I think the President is trying to deter at this moment, to deter a second front from opening. Hezbollah is considered to have an army that is equal in strength to the average European army. It has 150,000 rockets right now facing south at Israel. It's got precision guided munitions that could hit strategic targets, like Israel's nuclear facility, or like its chemical plant. These are things that could create catastrophic attacks, and we could be hours or days or weeks away from watching those threats materialize. And so this is why it is imperative right now that the US mount the deterrence that is necessary to stare down Iran and to stare down Hezbollah and to allow Israel to be able to do what it needs to in Gaza and hopefully end this crisis. 1:31:15 Rep. Marc Veasey (D-TX): What does it look like if a Palestinian family of four is being interviewed for safe passage into a neighboring country or nearby country? What exactly does that look like? What does that processing and that vetting look like? Dr. Jonathan Schanzer: I'm going to make a suggestion here. I don't know how that kind of vetting can happen. You know, you're looking at a territory roughly the size of Washington DC, with 2.2 million people that had been subjected to Hamas rule for 16 years. How you start to figure out who's okay and who's not at this stage in the game, who's a threat and who isn't, is going to be really challenging. I wrote a piece in the Wall Street Journal with a colleague of mine, Mark Dubowitz, our CEO, on Monday. I want to make this suggestion: I've already identified a number of the countries that have been Hamas supporters over the years, those that have financed and provided the weapons and the training to Hamas. I think there should be significant pressure on those countries to take in the refugees. Have a clear message from the United States that they created this problem, and it is now their problem to take care of these 2 million people. Quite frankly, I don't care who's radicalized when they go to these countries that have been supporting a radical cause for as long as they have. I think this would be justice. October 18, 2023 House Committee on Foreign Affairs Witnesses: Philip Zelikow, Senior Fellow at Stanford University's Hoover Institution and White Burkett Miller Professor of History at the University of Virginia Rebeccah Heinrichs, Senior Fellow and Director of the Keystone Defense Initiative at the Hudson Institute Clips 14:35 Rep. Michael McCaul (R-TX): The Russian sovereign assets is a winner in my judgment. If we can tap into the right -- the very people who started this war and this conflict, in my judgment, should be paying for the cost, and not as much the US taxpayer. And that's why I introduced the REPO Act, the bipartisan, bicameral legislation that demands that the Biden administration transfer frozen Russian sovereign assets to the Ukraine effort. It's beyond time that Russia pay for the war that it created. My bill prohibits the Biden administration from unfreezing Russian sovereign assets until Russia ends its unprovoked war of aggression and agrees to compensate Ukraine for the damages it has inflicted. 16:05 Rep. Michael McCaul (R-TX): To be clear, the war crimes and genocide committed by Russia cannot be reversed by money alone. 22:30 Rep. French Hill (R-AK): My approach was crafted to be consistent with US Policy and International Law by amending the International Emergency Economic Powers Act IEEPA, and using its established framework and existing definitions. As a former Treasury official, in my view, this is a better legislative approach. This is consistent with well established international precedent, whereby the United States work with international partners to establish a fund like we saw in Afghanistan in 2022. The Iran-US Claims Tribunal in 1981, the UN compensation fund for Kuwait in 1991, following the invasion by Iraq. 22:40 Rep. French Hill (R-AK): I too have introduced a bill on this topic, HR 5370. And I appreciate the Foreign Affairs staff working with me on that. My bill would give the President authority to seize and transfer title of Russian sovereign assets within the United States jurisdiction into an international fund for the sole purpose of Ukraine's eventual reconstruction and humanitarian relief. I'm grateful to Chairman McCaul and I co-sponsor his bill on this topic, as well for his leadership. 24:10 Rep. French Hill (R-AK): Considering most Russian sovereign assets are actually located outside the United States, it's important for our partners and allies around the world to introduce and pass similar companion legislation rather than having the US act unilaterally. 24:30 Rep. French Hill (R-AK): Let me be clear, I consider Russian Federation sovereign assets inclusive of all state owned enterprise assets and those of Russian publicly traded companies, like Gazprom, that are controlled by more than 50% by the Russian Federation. 26:30 Philip Zelikow: Economic warfare is the real center of gravity in this war. Economic warfare is the center of gravity in the war. I know we all watch the daily updates from the battle front lines. You know, this movement here, that movement there. This is a war of attrition. It's going to be decided by economic and industrial staying power as the war continues almost certainly into 2025 and perhaps beyond. 27:00 Philip Zelikow: In that struggle, the economic warfare against Russia has achieved some gains, and will have some more gains over the long haul. Russia's economic warfare against Ukraine has been devastating and is not sufficiently appreciated. Ukraine lost 30% of its GDP in the first year of the war. 1/3 of the population of Ukraine is displaced, half externally half internally. Russia is waging economic warfare on three main fronts. It's destroying Ukraine's infrastructure, and will do another energy infrastructure war this winter, for which it's gearing up, including with North Korean weapons and Iranian weapons. Point two: they've destroyed Ukraine's ability to export through the Black Sea except for a trickle, which was the fundamental business model of a commodity exporting country. Point three: they have destroyed Ukraine's civil aviation. Ukraine has no civil aviation. Any of you who've traveled, as I have, to Ukraine will notice that you can't fly in the country, which makes travel and business in the country now back to the era of the railroads before there were airplanes. So the the Russian economic warfare against Ukraine is devastating. And as time passes, this is going to have deep effects on the ability of Ukraine's economy and society to hold together, which will play out politically. So point one: economic warfare is the true center of gravity in the war. 28:35 Philip Zelikow: Two, the Russian assets are the key strategy to change the outcome. The Russian assets are at least $280 billion. Now, even in our debased day and age, that's a lot of money. It's a lot of money in the context of the Ukrainian economy. Even using very conservative multipliers of how much private investment the public investment can unlock, let's say one to one, the impact of this money on the whole future prospects of Ukraine and its staying power are decisive. Otherwise, they're relying on US and European taxpayers whose readiness you can gauge. So this is potentially the decisive fulcrum of the economic warfare and Ukraine's prospects in the war. 29:25 Philip Zelikow: So, third point, why has this been so hard? First reason was there was a knee jerk neuralgia on the part of bankers and financiers to the actual confiscation of Russian assets in the foreign exchange holdings, with much talk of losing confidence in the dollar in the euro. On analysis, these worries quickly fall away, which is one reason that I worked with my colleagues, Larry Summers, the former Treasury secretary, and Bob Zoellick, the former president of the World Bank, who do know something about international finance to debunk those concerns. And I'd be glad to go into more detail about why the concerns about the dollar or the euro turn out to be overblown when they're analyzed. 30:10 Philip Zelikow: The other concern was how do we do this legally? There's been a ton of legal confusion about this. This bill will help dispel that legal confusion. 30:30 Philip Zelikow: What about sovereign immunity? Sovereign immunity is a doctrine that only exists in the context of national courts trying to usurp sovereign authority in a situation where it's sovereign on sovereign, whereas in this bill, there would be an act of state that goes after Russian sovereign property. There is no such thing as immunity; there is no doctrine of sovereign immunity. Ordinarily, under international law, if one sovereign takes another sovereign's property, then the loser is entitled to compensation for that nationalization or expropriation. So why isn't Russia entitled for that compensation in this case? Because it's a lawful state countermeasure. Countermeasures are different from sanctions. And countermeasures -- and this is a well recognized body of law -- you are allowed to do things that would ordinarily violate your sovereign obligations to a fellow sovereign, because that sovereign has committed such extreme outlaw behavior, that the countermeasure is a lawful recourse. And that is exactly the extreme case we have here. There is a well codified body of law on this, and Russia has hit every one of the marks for a set of lawful state countermeasures that deprives them of any right to compensation when states take their money and then use it, putting it in escrow to compensate the victims of Russia's aggression. 37:35 Rebeccah Heinrichs: The United States directly benefits from Ukraine's battlefield successes as Russia remains a top tier adversary of the United States. These are the weapons that Americans made and designed specifically to go after the kinds of things that the Ukrainians are destroying in the Russian military. 39:55 Rep. Michael McCaul (R-TX): The EU has a plan just to tax frozen assets and send those proceeds to Ukraine. Our Treasury Secretary, Miss Yellen recently claimed that transferring sovereign assets to Ukraine was not legal. Do you agree with that, and if not, what is your opinion from a legal standpoint? Philip Zelikow: I think Secretary Yellen has now revised her view of this matter, having had a chance to be informed by some of the legal work that's been done since she first made that impromptu remark. There is the legal authority both under domestic law and international law, and the bill this committee is considering would reaffirm, consolidate, and elaborate that authority. So legally, this can be done. 40:55 Philip Zelikow: What the EU came up with in May was the idea -- they were encountering a lot of resistance to actually taking the Russian money, so they said, Well, can we come up with something, since a lot of these as the securities have now matured and are in cash and Euroclear, mainly -- the clearing house in Brussels -- is now managing the cash on behalf of Russia, because Russia is no longer able to manage it. So can we do something with the interest? And by the way, the EU couldn't get that through in June. Ursula von der Leyen couldn't get that adopted over, principally, French and German opposition at the time. So they're talking about just taking this interest. As a legal matter, if you have the legal right to take the interest, you have the legal right to take the principle. This was a cosmetic idea trying to overcome the opposition they had there. It's kind of a situation where, as one of my colleagues in this effort, Larry Tribe, has put it as well, instead of crossing the Rubicon, they're kind of wading in. From a legal point of view, it's actually clearer to do the transfer for Ukraine than to try to expropriate the money using tax authorities, which makes it look like you're expropriating it for your country, rather than for the benefit of the victims, which is a much cleaner, legal way to do it. So they ended up, for political reasons, with a half measure that takes only a tiny fraction of what they should and does so in ways that are actually legally awkward. I understand why they are where they are, but as they process this, I think they're just going to have to step up to going ahead and crossing the Rubicon. 50:20 Philip Zelikow: The whole argument that I made in an article with Summers and Zoellick in Foreign Affairs is that actually, this is a strategy for victory. You put this enormous war chest and the multiplier of private investment into play. And what you can envision is a whole new European recovery program, anchored on the rebuilding of Ukraine that not only saves Ukraine, revitalizes it, but links it to the EU accession process, to the enlargement of the European Union. In other words, to the victory of the whole cause of freedom, in a way almost regardless of where the final battle line ends up being in Ukraine, Ukraine will be growing with bright prospects, part of a Europe with brighter prospects, because of its alignment with the free world. 51:25 Philip Zelikow: When people worry about the significance of this in foreign exchange, I ask them to just remember two numbers 93 and three. If you look at the percentage of foreign exchange holdings held in the world today, 60% United States, 23% Euro, 6% yen, 4% Sterling: that's 93. The percentage of foreign exchange holdings in Chinese renminbi: three. And the Chinese were really encouraged that it's gone up from 2.5 to 3 in recent years. So when you look at 93 to three, that's what you get when we work with our allies in a concerted economic strategy. We can move on the Russian assets, and there's really no choice except to stick with the currencies of the free world because they're still the only basis for being a participant in the world economy. 54:20 Rep. Bill Huizenga (R-MI): Who actually has the authority to take possession of it? Because as you point out, if you've got the legal right to the interest, you got the legal right to the principal. Who is granted that authority? And then who is granted the authority to distribute that? Philip Zelikow: So the theory is that the national governments can transfer any of the Russian state assets in their jurisdiction into escrow accounts for the benefit of the victims, as a state countermeasure to Russia's aggression. So the way that would work is under the President's IEEPA authority, he could transfer all this -- and there are precedents for this -- into an escrow account held in the States and then an international escrow account, with this limited purpose of compensating the victims of Russian aggression, then you need to create an international mechanism, which the US would participate in creating, to then manage that distribution, which needs to have a proactive urgent speed of relevance. Rep. Bill Huizenga (R-MI): That was what I was afraid of. If it just simply takes one participant to bog the whole thing down, guess what? It's not going to work, in my humble opinion. Philip Zelikow: When they're debating this in the EU, some people say we should have a new EU directive to govern this, but under our Common Foreign and Security Policy, one member like Hungary, for example, could botch that. So if you create something perhaps managed by the G7 Donor Coordination Platform, that is a relatively simple instrument in which the United States could play a part. One thing that you've done in the bill you've drafted, Mr. Chairman and Congresswoman Kaptur, is you're creating mechanisms in which Congress has insight and some oversight into how the United States participates in that process, and what the mechanism does and how the money is spent, which I think is an appropriate role for the Congress. There are precedents for how to do this. The design of this international mechanism I'm discussing is both policy driven, but also has a reactive claim side, but can have some conditionality on reform and the EU accession process. That's a heavy lift. Building that mechanism will be the biggest job since we built the Economic Cooperation Administration to run Marshall Plan aid 70 years ago. That serious work has not really begun, because we're just working on the preliminary phase of mobilizing and using this money. 58:25 Rep. Ted Lieu (D-CA): You believe the Administration, even without this bill, has authority right now to transfer the frozen Russian assets to Ukraine. Philip Zelikow: Yes, it does. It has it under the existing IEEPA authorities that the President has already invoked. The Renew Democracy Initiative has put out a really extensive legal brief that goes into great detail about this. I think actually the administration's lawyers are coming around to the view that yes, they do have the authority under existing law. What the REPO Act does is, one, it reaffirms that, but two, it makes Congress a partner in this with regulation and oversight that's an appropriate Congressional role. So by both reaffirming the authority and getting Congress to join the executive and doing this together I think it makes it a truly national effort with an appropriate Congressional part. 59:20 Rep. Ted Lieu (D-CA): How would you respond to critics who say this would make it harder for other folks in the future to want to invest in the United States? Philip Zelikow: You can look at the numbers. After we froze Russian assets, everybody understood the political risks that might be involved with putting their money into dollar holdings. The Chinese called in all their bankers and asked them, "Do we have any other options?" That happened last year. You can just simply track what's happened in the international financial markets and see how folks have now priced in that political risk. But the result is still very strong demand and interest in the dollar. But here again, to come back to Congressman [Gregory] Meeks point, by working with the Euro and the yen and Sterling, we give them no place to go. If they want to participate in the world economy, then they're just going to have to invest in assets like that. 1:00:30 Rebeccah Heinrichs: The other thing that's very interesting and good in the REPO bill that is different is this provision, Section 103, that would prohibit the release of blocked Russian sovereign assets. I think that's an incredibly important element of this bill. That would remove the temptation for any kind of sweetener for the Russians to have access to these funds and leave Ukraine in a lurch whenever they have to rebuild their society. That's a very important part of the bill. 1:01:10 Rep. Nathaniel Moran (R-TX): Why would it be better to transfer these assets for Ukraine's direct benefit than to use them for leverage in negotiations and ending this conflict at some point? Rebeccah Heinrichs: It comes back down to the fundamental question at the end: who's going to foot the bill for rebuilding Ukrainian society? Somebody's going to have to do it. It should not be the American people primarily. They're footing a pretty significant bill. I think that benefits American industry and benefits our own military, but this particular piece should be carried out by the perpetrators of this act. So I think that it'd be a mistake to hold that out as a sweetener to get the Russians to come to the end or the conclusion. 1:01:55 Rep. Nathaniel Moran (R-TX): Mr. Zelikow, you mentioned earlier in response to one of my colleague's questions that it looks like that under current law under the IEEPA authorities, the president can do this activity now. Do you know why the President is not doing that? And if he chose to do that, could he do it immediately? Or is there any delay in that? Philip Zelikow: They could act immediately. They've delayed a long time, partly, to be very blunt -- because I've been talking to a lot of people about this -- they had very deep interagency disagreements inside the administration over how to proceed and they found that their bandwidth was totally overwhelmed by other Ukrainian-related concerns, and they didn't give this heavy attention until fairly recently. And now that they have given it sustained attention, I think the President has actually settled, at a fundamental level, those interagency disputes and they are now moving forward to try to find a way to make this work. 1:02:50 Philip Zelikow: I think the point you raised a minute ago about whether we want to hold this back as leverage was one factor in the back of the minds of some people. I think as the war has continued on through this year, hopes of a quick settlement of the war have dissipated. I think they realize that this is going to be a long war. That sobering realization has kind of sunk in. Also, from a legal point of view, if you want to, you could credit the Russians in any peace negotiation. You can basically say this is a credit against your liability for the for rebuilding Ukraine. 1:04:55 Rep. Madeleine Dean (D-PA): As a member of the Foreign Affairs Committee, we have been to many European nations. To a nation, they say the United States is the indispensable partner here, and they say that with all humility and not blowing smoke. We visited the Hague and sat with lead prosecutor Khan, and everyone is talking about waiting us out. Not just waiting out Congress's support, but waiting out the outcome of the next election. They asked us specifically about that. Mr. Putin is clearly waiting for the outcome of the next election in hopes that it will not be the reelection of Joe Biden, who I'm really proud is in Israel right now. Timing. How does this work? You already said it's going to be into 2025. How do we use this leverage, this economic warfare as the center of gravity in this conflict, to bring the timing tighter to a successful conclusion for Ukraine? Philip Zelikow: So that's a great question. And this is why action on this issue is so urgent now, because the operational timeline to stand this up on a massive multi 100 billion dollar scale is if we move on this in the next couple of months and mobilize the money. We could get an enormous operation up and running with a relatively secure source of funding by next year. If we get that up and running by the middle of next year, we then insulate ourselves, to some extent, against the kind of electoral risk to which you gently alluded. 1:07:55 Rep. Thomas Kean Jr. (R-NJ): If the United States did transfer Russian sovereign assets to Ukraine, how could Ukraine best use these in the near term? Philip Zelikow: In the near term, what they would do, I think, is begin undertaking a comprehensive program to shore up their infrastructure, withstand the coming Russian campaigns to further damage that and begin to rebuild the basic transportation infrastructure and other things that can then begin to unlock a really bright future for the rest of the Ukrainian economy. There are things that can be done then to move Ukrainian industry into new sectors. I think the Ukrainian goal is not just to restore what they had five years ago, but actually to use this as a way to build back better, to imagine a brighter future in partnership with Europe. And then if the money is managed well, this gives leverage to encourage the Ukrainian reform process as part of the EU accession. Putin's whole effort here is, "if I can't conquer Ukraine, I will wreck it and make it ungovernable," and we'll show decisively that that objective cannot be achieved. 1:10:35 Rebeccah Heinrichs: If I may, sir, another principle that has been misunderstood throughout this conflict is this notion of escalation. Escalation is not bad. It's only bad if it's the adversary who's escalating to prevail. We want Ukraine to escalate to win, to convince the Russians to end the war. If you do not permit the Ukrainians to escalate, then you only have a long protracted war of attrition that none of us can afford. 1:12:05 Philip Zelikow: Whenever you do a large thing in international affairs, there are going to be unintended consequences from that, and rather than be dismissive about that concern, I'll say if you embark on this, then people will be tempted to try to use these sorts of precedents against us. They'll be limited in their ability to do that because of the fundamental places where money is held in the world economy. A lot of people don't do business with the United States because they love us; they do business with us because they think it's necessary. If they could expropriate our property with no penalty, they would. Venezuela tried that. Most of the world doesn't want to follow Venezuela's example. So yes, there are some potential unintended consequences of people trying to use this precedent. But one reason we've tried to set this under international law is to use the standards of international law to govern this countermeasure. International law allows these countermeasures, but it says you can only do this if the target country's outlaw behavior is extreme, and there's a standard for that. It turns out Russia totally meets that standard. This is the most extreme case of international aggression since the Second World War, bigger than Korea, bigger than Kuwait. But by setting that kind of standard, it makes that slippery slope a little less slippery. 1:14:25 Rep. Greg Stanton (D-AZ): There are some concerns that if we were to transfer these assets, use it for the benefit Ukraine, would there be an impact on the US dollar? Just get your thoughts on that? Philip Zelikow: Yeah, that's why we got in some of the best people we could on international plans, just to do the analysis on that. 93% of the foreign exchange holdings are held in G7 countries and only 3% in renminbi. Running to the renminbi because they're worried about the dollar is something people would do if they wanted to do it already. They've already priced in the political risk of dollar holdings after they've seen what we've done. And you can see their asset allocations. Now, the dollar is involved in 88% of all foreign commercial transactions on one side of the transaction or another. So it's hard to run away from it, especially if the Euro, Yen, and Sterling are in there with you. There's really kind of no place to go if you want to participate in the international economy. Working with Larry Summers, the former Treasury Secretary, Robert Zoellick, with Brad Setser, who studies international finance, we ran some numbers about worst case scenarios and so on, and we think that concern, which sounds good as a soundbite, it turns out on analysis, it fades away. 1:16:10 Philip Zelikow: The US only holds a fraction of the relevant Russian money because the Russians tried to get their money out of our jurisdiction. But when you go to Europe and ask them what's holding them up, they all say "We're waiting for the American lead." So even though we may only hold a fraction of the money, we hold a lot more than a fraction of the relevant clout, and we need to go together, exactly as you imply. September 28, 2023 House Committee on Foreign Affairs Witnesses: Victoria Nuland, Undersecretary of State for Political Affairs, United States Department of State Christopher P. Maier, Assistant Secretary of Defense for Special Operations and Low Intensity Conflict, United States Department of Defense Caroline Krass, General Counsel, United States Department of Defense Richard C. Visek, Acting Legal Adviser, United States Department of State Clips 33:00 Victoria Nuland: First with regard to the Taliban, we've been very clear we're going to judge the Taliban by their actions. It is our assessment that the Taliban have partially adhered to their counterterrorism commitments. We've seen them disrupt ISIS-K, for example. But there's obviously plenty more to to do to ensure that Afghanistan doesn't become a safe haven, or return to safe haven, or persist as a safe haven. That said, I would note that the director of the National Counterterrorism Center Christy Abizaid recently said publicly that al Qaeda is at its historic nadir in Afghanistan, and its revival is unlikely. 34:20 Victoria Nuland: Iran is obviously a state sponsor of terrorism; it is the leading state sponsor of terrorism in the world. Music by Editing Production Assistance

On this edition of Wall Street Week, Richard Haass, Council on Foreign Relations President Emeritus says Israel needs a Palestinian state. Mona Mahajan, Edward Jones Senior Investment Strategist explains why Treasuries might remain elevated. Lawrence H. Summers, Former US Treasury Secretary explains why he was disappointed with Harvard's initial response to the Hamas attack on Israel. Cathy Marcus, PGIM Real Estate Co-Chief Executive Officer and Global Chief Operating Officer sees opportunities in necessity-based commercial estate.See omnystudio.com/listener for privacy information.

My new book Reframe Your Brain, available now on Amazon https://tinyurl.com/3bwr9fm8 Find my "extra" content on Locals: https://ScottAdams.Locals.com Content: Politics, Colonizer Slur, Elon Musk, EU Attacks X, EU Ending Free Speech, Harvard Hamas Support, Bill Ackman, Lawrence H. Summers, MSNBC Mehdi Hasan, Israel Hamas War, Fake News, President Biden, Jonathan Greenblatt, ADL, BLM Chicago, Daniella Greenbaum, America's Open Border, Jeff Clark, Governor Roy Cooper, IQ, Scott Adams ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ If you would like to enjoy this same content plus bonus content from Scott Adams, including micro-lessons on lots of useful topics to build your talent stack, please see scottadams.locals.com for full access to that secret treasure. --- Support this podcast: https://podcasters.spotify.com/pod/show/scott-adams00/support

On this edition of Wall Street Week, David Bianco, DWS Americas CIO & Liz Ann Sonders, Charles Schwab Chief Investment Strategist debate the likelihood of another Fed rate hike. Ray Dalio, Bridgewater Associates Founder, explains why he believes that cash is no longer trash. Glenn Hubbard, Former Council of Economic Advisers Chairman proposes solutions to the US deficit and debt and Lawrence H. Summers, Former Treasury Secretary tells us why the strength in the labor market make the risks of a hard landing as real as they have been.  See omnystudio.com/listener for privacy information.

NK Singh, policymaker, economist and politician and Lawrence H Summers, Professor at Charles W Eliot University, President Emeritus at Harvard and the former US Treasury Secretary discuss economy, fiance and India. They say that India has the potential to grow at 7-8% per year. Singh attributes this to Prime Minister Modi's focus on policy implementations. Summers highlights the importance of global economic stability, domestic reforms, and openness to trade. They were in conversation with Anant Goenka, Executive Director, The Indian Express group.

 On this edition of Wall Street Week, Peter Kraus, Aperture Investors Chairman & CEO and Sarah Ketterer, Causeway Capital CEO tell us why the Fed's plan to raise rates in unlikely to hurt the economy. Jose Minaya, Nuveen CEO, makes the case for investing in alternatives in a higher-for-longer environment. Steve Rattner, Willett Advisors Chairman & CEO explains why he believes the UAW strike resolution might take a while and Lawrence H. Summers, Former US Treasury Secretary says the Fed should be cautious about remaining too optimistic.  See omnystudio.com/listener for privacy information.

On this edition of Wall Street Week, Savita Subramanian, BofA Head of US Equity and Quantitative Strategy tells us why the UAW auto strike is more evidence of closing the wealth gap. Marty Chavez, Sixth Street Partners Vice Chairman explains the strategies the financial services world should employ when adopting AI. Ruth Simmons, Former Brown University President and Harvard University Senior Adviser urges corporations to lead the charge in improving diversity and access.  and Lawrence H. Summers, Former US Treasury Secretary shares how he is teaming up with Bono to advocate for debt relief for developing economies. See omnystudio.com/listener for privacy information.

 On this edition of Wall Street Week, Peter Borish, Computer Trading Corporation CEO tells us why the cooling labor market doesn't automatically suggest a Fed pause. Lawrence H. Summers, Former Treasury Secretary says that the August jobs report shows a step down the path to a hard landing. Chris Miller, "Chip War" author discusses who is leading the chipmaking charge. Steve Rattner, Willett Advisors CEO shares why he is concerned about a looming UAW strike and Alexander Colvin, Cornell School of Industrial and Labor Relations Dean discusses why the hand of labor is strong amid numerous summer strikes.  See omnystudio.com/listener for privacy information.

On this edition of Wall Street Week, Chris Ailman, CalSTRS CIO and Sonal Desai, Franklin Templeton Fixed Income CIO tell us why they believe the US consumer might weaken. Steve Rattner, Willett Advisors CEO and Lawrence H. Summers, Former Treasury Secretary explain why we might be in a goldilocks moment with inflation.See omnystudio.com/listener for privacy information.

On this special edition of Wall Street Week, Bloomberg's David Westin spoke with key players in economic policy and business as they gathered in Colorado for the 2023 Aspen Economic Strategy Group Conference. Cecilia Rouse, Former Council of Economic Advisers Chair tells us why a little cooling is essential for the US labor market. Lawrence H. Summers, Former Treasury Secretary & Wall Street Week Contributor warns that inflation might be on the rise again. Hank Paulson & Tim Geithner, Former US Treasury Secretaries discuss what can be done to balance the fiscal state of the US.  Austan Goolsbee, Chicago Fed president and Raphael Bostic, Atlanta Fed President both signal that the Fed is not done hiking rates just yet.See omnystudio.com/listener for privacy information.

 On this edition of Wall Street Week, Kristina Hooper, Invesco Chief Global Market Strategist & Saira Malik, Nuveen CIO discuss the likelihood of a soft landing ahead of the Fed's closely watched July decision. Dennis Arfa, Artist Group International Founder examines the effect Taylor Swift has had on the music business. Michael McKee, Bloomberg's International & Economic Policy Correspondent breaks down the impact the Fed's rate hikes have had on the dollar. Lawrence H. Summers, Former US Treasury Secretary and Steve Rattner, Willett Advisors CEO debate the distributional consequences of AI adoption, and Owen Thomas, Boston Properties CEO explains how office buildings are being repurposed.  See omnystudio.com/listener for privacy information.

 On this edition of Wall Street Week, David Bianco, DWS Group Americas CIO dives into the bond markets' reaction to the June jobs report. Lawrence H. Summers, Former US Treasury Secretary gives us his thoughts on US jobs growth and inflation. We take a look at China's economic growth since the Reagan era with Bloomberg International Economics and Policy Correspondent, Michael McKee. Tom Barrack, Colony Capital Founder breaks down the intersection of foreign policy and business risks in the Middle East. Purnima Puri, HPS Head of Liquid Credit dives into whether the bargaining power shifted between the lender and the borrower. See omnystudio.com/listener for privacy information.

Former Treasury Secretary Lawrence H. Summers shares his thoughts on the future outlook of the economy, and the advice he would give to tech companies and founders as a result. He's interviewed by The Economist's Alexandra Suich Bass and joined by special guest Stephane Lintner, co-founder and CEO of Jiko. Recorded March 2, 2023 at the Upfront Summit.

Secretary of the Treasury. Director of the National Economic Council. President of Harvard University. Washington Post columnist. Economist Larry Summers has held some of the most prestigious roles in public life. Across them all, Dr. Summers has brought an unflinching commitment to incisive observations, even when they cut against the grain. On the major global macroeconomic issues of our time, Summer's views aren't always the popular ones, but they are not easily dismissed.  Summer's leadership in the Obama White House in the aftermath of the 2007-2008 financial crisis gives him special insight into the importance of effective regulation of financial markets. Understanding how policymakers should regulate stablecoins was the subject of a fireside chat between Jeremy Allaire and Larry Summers this past September at Converge22, Circle's inaugural ecosystem summit. (Dr. Summers was compensated for his appearance at Converge22.) 

Secretary of the Treasury. Director of the National Economic Council. President of Harvard University. Washington Post columnist. Economist Larry Summers has held some of the most prestigious roles in public life. Across them all, Dr. Summers has brought an unflinching commitment to incisive observations, even when they cut against the grain. On the major global macroeconomic issues of our time, Summer's views aren't always the popular ones, but they are not easily dismissed.  Summer's leadership in the Obama White House in the aftermath of the 2007-2008 financial crisis gives him special insight into the importance of effective regulation of financial markets. Understanding how policymakers should regulate stablecoins was the subject of a fireside chat between Jeremy Allaire and Larry Summers this past September at Converge22, Circle's inaugural ecosystem summit. (Dr. Summers was compensated for his appearance at Converge22.)  They discussed:

We're kicking off our special coverage of Dreamforce 2022 with a great conversation between former Treasury Secretary Lawrence H. Summers and Salesforce Co-Ceo Bret Taylor. Inflation and economic pressures are hitting every industry. Summers shares his perspectives on how the economy got here and what to expect moving forward.

What causes hyperinflation and how can it be avoided in the first place or stopped if it occurs? What characterizes countries which fall victim to hyperinflation? A conversation between show host Gene Tunny and his colleague Arturo Espinoza which explores the economic theory and evidence around hyperinflation, and discusses peculiarities which can arise in hyperinflation-afflicted economies - e.g. pensions denominated in cows in Zimbabwe.  Please get in touch with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. Links relevant to the conversationCurrent inflation rates around the world:https://tradingeconomics.com/country-list/inflation-rate?continent=worldWhat is hyperinflation and should we be worried? (WEF article from June 2022):https://www.weforum.org/agenda/2022/06/hyperinflation-inflation-interest-rate/Wikipedia entry for former Peruvian President Alberto Fujimorihttps://en.wikipedia.org/wiki/Alberto_Fujimori   Why a Zimbabwean firm offers pensions denominated in cows | The Economisthttps://www.economist.com/middle-east-and-africa/2022/05/14/why-a-zimbabwean-firm-offers-pensions-denominated-in-cowsThe Modern Hyperinflation Cycle: Some New Empirical Regularities (IMF Working paper from 2018):https://www.imf.org/en/Publications/WP/Issues/2018/12/07/The-Modern-Hyperinflation-Cycle-Some-New-Empirical-Regularities-46368Chris Edmond's note on Cagan's model of hyperinflation:https://pages.stern.nyu.edu/~cedmond/ge07pt/notes_cagan.pdfAlberto Alesina and Lawrence H. Summers' paper Central Bank Independence and Macroeconomic Performance: Some Comparative Evidence:https://www.jstor.org/stable/2077833   Bitcoin Could Solve Zimbabwe's Hyperinflation Problem—Instead, The Country Is Telling Impoverished Citizens To ‘Just Buy Gold' (Forbes article):https://www.forbes.com/sites/martinrivers/2022/07/27/bitcoin-could-solve-zimbabwes-hyperinflation-problem--instead-the-country-is-telling-impoverished-citizens-to-just-buy-gold/?sh=179b8f8b66d2Inflation is spiking in Zimbabwe (again). Why high interest rates aren't the answer (Conversation article by Jonathan Munemo): https://theconversation.com/inflation-is-spiking-in-zimbabwe-again-why-high-interest-rates-arent-the-answer-187362CreditsThanks to Josh Crotts for mixing the episode and to the show's sponsor, Gene's consultancy business www.adepteconomics.com.au. Please consider signing up to receive our email updates and to access our e-book Top Ten Insights from Economics at www.economicsexplored.com. Economics Explored is available via Apple Podcasts, Google Podcast, and other podcasting platforms.

Washington Post associate editor and columnist David Ignatius speaks with former treasury secretary Lawrence H. Summers about his assessment of the U.S. economy and the Biden administration's efforts to control inflation.

Lawrence H. Summers discusses the U.S. economy and inflation, recovery from the COVID-19 pandemic, and the global economic consequences of Russia's invasion of Ukraine. The C. Peter McColough Series on International Economics brings the world's foremost economic policymakers and scholars to address members on current topics in international economics and U.S. monetary policy. This meeting series is presented by the Maurice R. Greenberg Center for Geoeconomic Studies.

David Folkerts-Landau, Deutsche Bank Chief Economist, would expect to see a very serious recession if Nord Stream 1 is disrupted. Lawrence H. Summers, Former U.S. Treasury Secretary, says there is a greater risk of the Fed doing too little than too much. Alberto Gallo, Algebris Investments Head of Global Credit & Portfolio Manager, says to expect more volatility later this year. Amrita Sen, Energy Aspects Founder, says oil prices could easily breach $150 a barrel. Howard Dean, Former DNC Chair & Former Vermont Governor, says President Biden delivered one of the best State of the Union addresses in the last 20 years. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

In this episode of "Free Expression," former U.S. Treasury Secretary Lawrence H. Summers tells Gerry Baker why he would have rather been wrong in predicting the high rate of inflation, why the risk of a recession is high, and why the idea of a federal gas tax holiday is "the ultimate policy gimmick."

We are pleased to welcome Lawrence H. Summers to the Teneo Insights Series. Summers is one of America's leading economists, having served as U.S. Secretary of the Treasury in the Clinton administration and as Director of the National Economic Council in the Obama administration. Summers is currently the Charles W. Eliot University Professor and President Emeritus of Harvard University. Summers, well known for his views on inflation, shares his perspectives on a range of issues, including: monetary and fiscal policy options; the impact of higher rates and less stimulus on growth; the implications of less abundant capital in the midst of economic populism; rethinking of supply chains and the green energy transition; the effectiveness of ever increasing economic sanctions; the rise of digital currencies; and China's impact on the global economy.

How much value does a dollar of R&D create? This is a really hard question to answer, but a 2021 paper by Benjamin Jones and Larry Summers describes a thought experiment that suggests the answer is "very high!" In this podcast, I walk through the thought experiment.This podcast is an audio version of (the initial version of) the article "What are the Returns to R&D?" published on New Things Under the Sun.Articles mentioned:Jones, Benjamin F., and Lawrence H. Summers. 2021. A Calculation of the Social Rate of Return to Innovation. NBER Working Paper 27863. https://doi.org/10.3386/w27863Henrich, Joseph. 2015. The Secret of Our Success: How Culture Is Driving Human Evolution, Domesticating Our Species, and Making Us Smarter. Princeton University Press. 

CPF Director Bob Shrum is joined by Lawrence H. Summers, President Obama's National Economic Council Director, to reflect on the parallels between the current COVID-19 economic fallout and the 2009 recession, and explore solutions for rising inflation. Featuring: Bob Shrum - Director, Center for the Political Future; Warschaw Chair in Practical Politics, USC Dornsife Lawrence H. Summers - Director of the National Economic Council for President Obama; 71st Secretary of the Treasury for President Clinton; Charles W. Eliot University Professor and President Emeritus, Harvard University

Former Treasury Secretary and Harvard economist Lawrence H. Summers joins Margaret Hoover for an in-depth discussion on his concerns about an overheated post-pandemic economy leading to inflation and what he believes the White House and Federal Reserve should do about it. Support for “Firing Line for Margaret Hoover” is provided by The Margaret and Daniel Loeb Foundation, Robert Granieri, Charles R. Schwab, The David Tepper Charitable Foundation Inc., The Fairweather Foundation, Craig Newmark Philanthropies, and Rosalind P. Walter. Corporate funding is provided by Stephens Inc. and Morgan Stanley.

10 de febrero | Nueva YorkHola, maricoper. Segunda vuelta.El podcast de La Wikly también está disponible en iTunes, Spotify y iVoox.Añade el podcast a tu plataforma favorita haciendo click en el botón “Listen in podcast app” que aparece justo debajo del reproductor.Si te haces suscriptor premium, recibirás dos newsletters extra. Los viernes, el maricóctel, una serie de enlaces recomendados para ponerte al día de algún tema destacado. Y los lunes, el maricoffee, un repaso de cuatro titulares para empezar la semana bien informado (y un test de actualidad para ponerte a prueba).Leer esta newsletter te llevará 15 minutos y 27 segundos.“Era un perro que hablaba, ¿sabes a lo que me refiero?”. Bienvenido a La Wikly.🧑 Vuelve Trump, vuelve el impeachmentLo importante: Este martes, el Senado dio comienzo al segundo juicio de impeachment contra Donald Trump en poco más de un año. Esta vez, por supuesta “incitación a la insurrección”.Aparte del futuro político del expresidente, que podría ser condenado y no poder volver a presentarse a un cargo público, hay mucho más en juego en las probables dos semanas que durará el juicio.Pero lo primero es lo primero.QUÉ ES EL IMPEACHEMNTEl impeachment es un proceso en el cual la Cámara de Representantes presenta cargos criminales contra un cargo oficial a nivel federal (judicial o ejecutivo), o su equivalente a nivel estatal si el estado lo prevé en su constitución.Posteriormente, se celebra un juicio en el Senado, el cual determina la culpabilidad o no de la persona que ocupa el cargo y las consecuencias legales que se le aplican en caso afirmativo.A pesar de lo que se cree en el imaginario popular, este proceso no solo afecta al cargo del presidente de los EEUU. La Constitución prevé este proceso también para el vicepresidente y cualquier otro cargo público (Artículo 2, Sección 4).Si bien es cierto que el impeachment presidencial constituye el caso más reseñable de cuantos existen por su poca frecuencia, el proceso parlamentario específico que tiene y la amplia cobertura mediática que recibe.La Constitución de los EEUU prevé el impeachment por los delitos de traición, soborno “y otros delitos o faltas graves”. Este último constituye un término amplio cuya interpretación última ha dependido de lo que ha determinado el Congreso para cada caso.¿Cómo funciona un impeachment presidencial en la práctica? Solo tres presidentes han sufrido el proceso de impeachment, con un cuarto, Richard Nixon, dimitiendo del cargo poco antes de iniciarse uno contra él. Estos son:Andrew Johnson (1868).Bill Clinton (1998-1999).Donald Trump (2019-2020 y 2021).El impeachment a Andrew Johnson no prosperó al no alcanzar por un voto la mayoría de dos tercios en el Senado necesaria para destituirlo.No obstante, tuvo importantes implicaciones en la época porque frenó el uso abusivo del impeachment contra presidentes en ejercicio simplemente porque el poder legislativo estuviese en desacuerdo con él.Pero los tres impeachments más actuales, y en virtud de los cuales el proceso ha alcanzado su actual fama, son los relativos a Clinton y a Trump.Bill Clinton (1998-1999): perjurio y obstrucción a la justicia.Los dos artículos de impeachment que se presentaron contra Clinton fueron aprobados por la Cámara de Representantes, dominada por republicanos, a raíz de la actuación del expresidente en torno a dos relaciones extramaritales.Una de estas acusaciones terminó en un juicio civil por acoso sexual, el caso Paula Jones. Y otra de ellas derivó en el ya conocido como caso Monica Lewinsky.Los republicanos acusaban a Clinton de mentir bajo juramento y de obstruir las investigaciones en torno a ambos casos.El Senado acabó absolviendo a Clinton de ambos cargos por 45 a favor/55 en contra y 50 a favor/50 en contra, respectivamente, muy lejos de los 67 que hubiesen sido necesarios para aprobar la destitución.Donald Trump (2019-2020): abuso de poder y obstrucción al Congreso.Tras la filtración de la llamada de Trump al presidente ucraniano Volodímir Zelenski, la Cámara de Representantes, dominada por demócratas desde las elecciones de medio mandato de 2018, inició una investigación que culminó con la votación de dos artículos de impeachment contra Trump.El Senado absolvió a Trump de ambos cargos por 48 a favor/52 en contra y 47 a favor/53 en contra, respectivamente.Mitt Romney votó a favor del artículo del abuso de poder, convirtiéndose en el primer senador en la historia en votar a favor de la destitución de un presidente de su propio partido.Donald Trump (2021): incitación a la insurrección.El asalto al Capitolio del pasado 6 de enero motivó el inicio de un nuevo proceso de impeachment contra Trump por parte de la mayoría demócrata en la Cámara de Representantes.Como ya cubrimos desde La Wikly en distintas entregas del Maricoffee (accesible cada lunes para suscriptores premium), el proceso ha generado distintas reacciones tanto en el seno del GOP como en el equipo legal de Trump.Incluso se hipotetizó con la idea de que el ya expresidente pudiese fundar su propio partido como medida de presión contra aquellos senadores republicanos que tuviesen la tentación de votar a favor de condenarle.Si bien Trump ya no es presidente, una condena por impeachment aún podría resultar en su inhabilitación para volver a postularse a cargo público alguno, eliminando sus esperanzas de un nuevo asalto a la Casa Blanca en 2024.Sea cual sea el resultado del juicio en el Senado que comienza esta semana, Trump ya ostenta el dudoso récord de ser el único cargo público en la historia de los EEUU a nivel federal en ser sometido a dos procesos de impeachment.Pero entonces, ¿cuáles son las posturas de los bandos?LA ACUSACIÓN: LOS DEMÓCRATASEl argumento central que esgrimen los demócratas es la influencia que ejerció Trump desde su cargo para arengar a la multitud de manifestantes a irrumpir violentamente en el Capitolio e interferir con la labor parlamentaria de la certificación de votos.A diferencia del juicio político anterior, la intervención del expresidente en este suceso fue de carácter público: no sólo hay muchos testigos del hecho, sino también videos y declaraciones del presidente realizadas por redes sociales.Llevar adelante este proceso responde a tres objetivos generales:Garantizar desde el gobierno una respuesta punitiva a un atentado contra las instituciones nacionales; es decir, que el evento tenga consecuencias tangibles para sus auspiciadores.Prohibir que Trump vuelva a ocupar el cargo (es decir, impedirle que se presente nuevamente a elecciones) y remover los beneficios que recibe como expresidente.Salario público y seguridad del Servicio Secreto, entre otros.Desmotivar el apoyo del electorado a la figura de Trump.Respecto a la estrategia querellante, varios de los gestores del juicio político en la Cámara querían un testimonio de primera mano para ayudar a probar que Trump incitó los disturbios. Algunas de las ideas fueronLograr que los oficiales de la policía del Capitolio cuenten sus historias sobre la lucha contra los asaltantes.Invitar a los funcionarios republicanos de Georgia que fueron presionados por Trump para que anularan el conteo electoral del estado.Sin embargo, figuras como Chuck Schumer y Nancy Pelosi se han manifestado a favor de que el proceso avance rápidamente, argumentando que no necesariamente se necesitan testigos ya que los crímenes de Trump están a la vista y documentados.Cabe recordar que los demócratas no tienen mucho tiempo que perder ya que la agenda presidencial demanda espacio en el Congreso y presentar testigos ralentizaría el proceso.Además, 45 republicanos del Senado ya se han decidido a apoyar la inconstitucionalidad del juicio tanto en los prolegómenos del juicio como en el primer debate del juicio celebrado este martes.En principio, no está previsto que el juicio dure más de una semana y hay una gran improbabilidad de conseguir el apoyo bipartidista necesario para aprobar el impeachment y las sanciones derivadas de una condena.LA DEFENSA: TRUMPLa defensa asienta sus argumentos en dos pilares:La negación de que Trump incentivó a sus partidarios a la violencia."Se niega que el presidente Trump haya puesto en peligro la seguridad de Estados Unidos y sus instituciones de gobierno", escribieron sus abogados en un escrito para el juicio. “Se niega que amenazara la integridad del sistema democrático, interfiriera con la transición pacífica de poder o pusiera en peligro un rama de gobierno equiparable”.También sostienen que estaba protegido por la Primera Enmienda para "expresar su creencia de que los resultados de las elecciones eran sospechosos".Libertad de expresión, vaya.La supuesta inconstitucionalidad del juicio político debido a que Trump ya no se encuentra en ejercicio de sus funciones como presidente.Esto es muy controvertido ya que, en primer lugar, la Cámara demandó a Trump cuando este todavía se encontraba desempeñando su cargo.Además, varios juristas coinciden en que la destitución del cargo es solo la sanción mínima aplicable al funcionario encontrado culpable, lo que no lo exime de recibir otras sanciones.Chuck Cooper, un veterano y respetado abogado constitucional conservador, escribió este artículo de opinión en The Wall Street Journal donde desarrolla ese argumento.EL JUEGO POLÍTICODemócratas y republicanos se juegan mucho crédito político en las próximas semanas conforme el nombre de Trump vuelve a acaparar la atención mediática que había perdido en los primeros pasos de la administración de Biden.Poco se habla de la efectividad que ha tenido el bloqueo de Trump en plataformas como Facebook y Twitter, le parezca a uno bien o mal.Y lo que tienen que valorar los partidos es cómo de expuestos quieren quedar tras este juicio de impeachment:Los demócratas se arriesgan a apartar el foco de Biden y de las primeras medidas políticas de su presidencia, incluido el paquete de estímulo de 1.9 billones de dólares que ahora avanza por reconciliación presupuestaria por el Capitolio.Del lado contrario, pocas figuras como Trump han conseguido aunar al electorado demócrata de la forma en la que lo ha logrado el expresidente.Las encuestas están de su lado: una mayoría de estadounidenses apoyan condenar a Trump por incitación a la insurrección.Los republicanos se arriesgan a convertirse en antagonistas del electorado republicano, que sigue teniendo una alta lealtad hacia Trump. Al mismo tiempo, un voto en contra del impeachment quedará grabado en la historia si los demócratas logran presentar un muy buen caso contra el expresidente.Del lado contrario, apoyar a Trump puede servir como retrato de un partido demócrata incapaz de pasar página de cara a las elecciones de medio mandato de 2022 en las que necesitan una base republicana activa: enfadada y dispuesta a arrasar a los demócratas.Claro que mantener en el mismo partido político a las Liz Cheney (establishment moderado proimpeachment) y las Marjorie Taylor Greene (trumpismo reaccionario) promete dejar una bomba de relojería en medio del GOP.La gran pregunta, por tanto, será ver cuánto dura el juicio.Si no se presentan más pruebas o se cita a testigos, es posible que la votación se celebre este mismo fin de semana y el próximo lunes el juicio de impeachment sea solo otra página en la historia reciente de EEUU.En el podcast, hablamos de la primera jornada del juicio y lo que cabe esperar de los próximos días ahora que acusación y defensa ya han mostrado sus primeras cartas.¿Desea saber más? The Washington Post tiene un conteo de whip de los senadores que ya se han posicionado casi definitivamente sobre su voto. Y The New York Times tiene un genial reportaje gráfico de los diferentes pasos del impeachment, los ya dados y los que se podrían dar en los próximos días.🤓 Qué están leyendo en…Washington D.C.: ‘El paquete de estímulo de Biden es admirablemente ambicioso. Pero también plantea algunos grandes riesgos’ por Lawrence H. Summers en The Washington Post. (en inglés; 6 minutos).Larry Summers fue Secretario del Tesoro durante dos años en la era Clinton y director del Consejo Económico Nacional de la Casa Blanca durante otros dos de la era Obama. La columna que firmó esta semana para el Post generó mucho ruido en D.C. porque ponía en duda la ambición del paquete de estímulo de Biden, valorado en 1.9 billones de dólares, por los problemas que podría acarrear en el futuro; a grandes rasgos: inflación e inestabilidad económica. La respuesta ha sido contundente. La gente de Biden, incluida la Secretaria del Tesoro actual Janet Yellen, han contestado a Summers argumentando que este no es el momento de quedarse cortos, algo que ya le pasó a Obama en 2009 tras la crisis económica de 2008 cuando dejó guiarse por la presión republicana y aprobar un estímulo que a todas luces se quedó corto. Summers alega que el momento es distinto, y que el paquete es excesivamente caro, pero Yellen asegura que la inflación es un riesgo que están dispuestos a correr porque tienen las herramientas para controlarla. La otra pregunta es: ¿están los demócratas gastando demasiado crédito político cuando en unos meses van a querer aprobar otro paquete de infraestructura trillonario? Este explainer de Vox lo analiza todo detenidamente.Silicon Valley: ‘El nuevo consejero delegado de Amazon, Andy Jassy, puede o ayudar a los trabajadores y vendedores —o automatizarlos a todos’ por Christopher Mims en The Wall Street Journal. (en inglés; 8 minutos).He estado leyendo mucho sobre el relevo de Andy Jassy en Amazon estos días. Me gustaron mucho las columnas de Ben Thompson sobre Jeff Bezos y la de Casey Newton sobre los retos de Jassy, pero he querido destacar esta de Mims en el WSJ porque me parece que Amazon se enfrenta a un reto diferente al que tienen por delante compañías Big Tech como Apple, Facebook y Google, menos dependientes del mundo físico (y en territorio estadounidense). Piensa: empleados de almacenes, transportistas, vendedores en su plataforma. Amazon puede automatizarlo todo en una transición de no demasiados años y Jassy será muy probablemente el encargado de lidiar con la supervisión de ese proceso. Salvo que quiera optar por otro camino. Lo que es evidente es que el escrutinio sobre la compañía no va a dejar de crecer, con lo que la relación entre megaconglomerado y sus cientos de miles de empleados va a ser uno de los grande focos del debate en torno al futuro del trabajo. Y con votos sindicales y audiencias de comités congresuales de por medio, la guerra promete volverse muy cruda.Hollywood: ‘Las muchas vidas de Steven Yeun’ por Jay Caspian Kang en The New York Times. (en inglés; 32 minutos).Es difícil encontrar estos días buenos perfiles de actores de Hollywood porque se están estrenando pocas películas, pero Caspian King hace un gran trabajo diseccionando la que para mí es una de las figuras más fascinantes de los actores asiático-americanos (¡junto con John Cho! ¡Y Awkwafina!). Yeun es más conocido por interpretar a Glenn en The Walking Dead, pero también hemos visto al actor nacido en Corea en cintas independientes como Orígenes y en largometrajes de cineastas de su país de origen como Okja y la más reciente, y brutalísima, Burning. Este año despunta con Minari, una semiautobiografía del cineasta estadounidense Lee Isaac Chung sobre una familia coreana que se muda a la Arkansas rural de los años 80. Caspian King aprovecha ese contexto para una radiografía verdaderamente emotiva sobre la identidad asiático-americana, las familias inmigrantes y el retrato que se hace de todo ello en el cine. Muy top leerlo hasta el final.😆 Quitándole la graciaLa Super Bowl dejó un partido poco emocionante (qué pesaos son Gronk y Brady) y un Half Time Show algo descafeinado por culpa de un The Weeknd que quiso todo el protagonismo para sí mismo —aunque es probable que tuviera limitaciones de espectáculo con motivo de la pandemia. Pero lo que sí quedaron fueron algunos memes, y eso siempre se agradece.El más viral, aunque pasajero y casi que ya anticuado, es el que usa un pequeño extracto en el que The Weeknd entra en una especie de laberinto de espejos y parece estar realmente perdido. Mis favoritos son este de cuando te pierdes en el parque de atracciones porque has entrado en la tienda de golosinas a por una bolsa de chuches:Y este otro de cuando te cierran el museo en unos minutos y tienes que darte prisa para ver lo mucho que te queda pendiente:De lo demás, me quedo con este otro meme sobre los bailarines que acompañaron al artista (“Esta es la vez que más mascarillas se han usado en Florida desde hace meses”):Y con este otro sobre lo que la pizza rolls ven cuando se están haciendo en el microondas:Y en vídeos e imágenes que te alegrarán el día:Jack Black haciendo de Thor.Un juicio gatuno inesperado.Otro buen meme de The Weeknd perdido, pero NSFW.Un complejo meme con final triste.Un buen meme de acento británico.Un buen meme sobre lo viejo-meme que eres.Un gran vídeo de mascotas.Un gran meme de historia de conquistas rusas infructuosas:🤩 Un vídeo para celebrar la vuelta del hijo pródigo de YouTubeDavid Dobrik ha vuelto a YouTube y eso debe celebrarse. Ni en Twitch ni en esta newsletter he escondido jamás la devoción que siento por este chaval, quizá el youtuber más divertido y buena hente con el que jamás me he topado. El tipo llevaba alejado de los ruedos de la plataforma desde el comienzo de la pandemia, un drama solo superado por el cierre de las salas de cine neoyorquinas. Y pese a que sí ha dedicado más atención a su podcast, lo que muchos queríamos era que nos actualizara sobre su vida con un vídeo.Eso sí, su nueva aparición es en su canal secundario: David Dobrik Too. Es decir, no es uno de sus vídeos intensamente bien editados que siempre duran 4:20, en homenaje a la cultura del cannabis. En esta ocasión Dobrik enseña su nueva increíble mansión, le regala dos coches a dos de sus asistentes e inaugura el estudio donde desde ahora rodarán las entrevistas de su podcast Views. El primer episodio con Halsey ya está disponible.Es posible que hasta que Los Ángeles no vuelva a la normalidad prepandemia, Dobrik tampoco lo haga con las publicaciones semanales de su canal, pero cabe agradecer que al menos él y su tropa de pirados seguirán en YouTube de forma forma algo más contenida. Entre cuatro paredes, vaya.👋 Y para terminar...Una recomendación.[Esta sección ha sido asaltada por Anita Pereyra]Mientras esperamos que Emilio termine de ver Bridgerton (yo sugiero que tomen asiento y se pongan cómodos para esperar), les traigo una recomendación de miniserie histórica que vale mucho más la pena: El bazar de la caridad.Está basada en un evento que solía organizarse en París en 1885, tristemente conocido por un incendio que consumió el edificio y se cobró la vida de más de cien personas (la mayoría mujeres pertenecientes a la aristocracia). La historia sigue el hilo de tres mujeres que sobreviven a la tragedia y luego deben afrontar las consecuencias.Los guiños de época alcanzan una amplia variedad de ámbitos: política, valores sociales, novedades tecnológicas, moda. Tiene personajes femeninos memorables, expuestos a debates morales muy interesantes, y el guión dramático está tejido cual telaraña: impecable. La clave es sobrevivir al primer capítulo.Hasta la semana que viene, This is a public episode. Get access to private episodes at www.lawikly.com/subscribe

El pasado mes de octubre los profesores del Departamento de Economía de la Universidad de Harvard David M. Cutler y Lawrence H. Summers, publicaron en el Journal of the American Medical Association un artículo titulado The COVID-19 Pandemic and the $16 Trillion Virus, en el cual realizan un análisis muy descarnado del impacto de la pandemia en la economía estadounidense que incluye no solo el valor de la producción pérdida sino también el de las vidas destrozadas tanto de los que murieron por la enfermedad, como las de aquellos que quedaron detrás.

Join us in this very special edition of the Money Movement with an in-depth conversation with Lawrence H. Summers on the global macro environment and the role and prospects for global digital currency. Mr. Summers brings decades of experience as a leader within the global economic system and has been tracking innovations in financial technology, the internet, and digital currency closely. Mr. Allaire and Mr. Summers will discuss the current global economic landscape, recent shifts in monetary policy, and central banking based on the global economic crisis, including a discussion on the structural and systemic political and economic risks that exist in the current dollar-driven Western fiat banking system. The two will also discuss the rise of digital currency, including global stablecoins, and the potential they offer for changes in not just how payments and value exchange takes place, but ultimately on the prospects for a new post-Bretton Woods international monetary system anchored in synthetic digital currencies, including how such as global digital currency system might begin to reconcile the growing polarisation between Western economies and China.

Lawrence H Summers, former US Treasury Secretary and the CGD Board Chair, explains why the World Bank and the regional multilateral development banks (MDBs) are well-placed to help address some of today's urgent problems, including climate change, pandemics, and the problems of large-scale forced migration.